Coral Gables Luxury Development Sells for $430 Million
Life Time Living-branded, 1.2M SF Gables Station fetches second-highest price this year in Miami market.
September 06, 2022 at 07:44 AM
3 minute read
Real Estate News
The original version of this story was published on Law.com
Houston-based Hines, through its Hines Global Income Trust (HGIT) REIT, has acquired for Gables Station, a 1.2 million-square-foot, mixed-use development that opened last year in Coral Gables.
The $430 million purchase price for the building—which is branded a Life Time Living facility—makes it one of the priciest multifamily trades of the year in South Florida, second only to Harbor International's $450M purchase of two Parkline Miami apartment towers in March.
The sellers were NY-based 54 Madison Partners and Nolan Reynolds International, a developer based in Coral Gables. The deal was brokered by Cushman & Wakefield, according to a report in the South Florida Business Journal.
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